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Additional News in English | Još vesti na Srpskom | Επιπλέον ειδήσεις στα Ελληνικά |  |
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Montenegrin Deputy PM announces stagnate 1Q but optimistic for growth for remaining year
Petar Komnenic - 30.07.2010
The economy of Montenegro, a European Union applicant, stagnated in the first quarter of 2010 but it is expected to grow 0.5 percent in 2010 as a whole, a deputy prime minister said on Thursday.
"Montenegro's GDP grew zero percent in the first quarter of 2010," said Branko Vujovic, the deputy prime minister in charge of the economy. "We cannot speak about recovery yet, but we think that by the end of the year conditions for recovery will be created."
Montenegro, with a population of 670,000, enjoyed an economic boom during the mid 2000s, mainly in tourism and property along its scenic Adriatic coastline. Investment was hurt by the world financial crisis, and its economy contracted 5.3 percent in 2009.
The International Monetary Fund has forecast a 2010 contraction of 1.7 percent. Unlike neighbouring Serbia, Bosnia, and Kosovo, Montenegro has not sought an IMF loan.
It has delayed plans to issue a debut euro-denominated bond as the Greek debt crisis has weakened market demand. Source; Reuters; Balkans.com
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